PHILADELPHIA--(BUSINESS WIRE)--
Independence Realty Trust, Inc. (NYSE: IRT) (“IRT” or “the Company”)
today announced the Company’s owned and managed apartment communities in
the Carolinas and Georgia are operational and did not suffer any
significant damage as a result of Hurricane Florence. At this time, the
Company does not expect any material impact on financial performance.

“We are grateful to report that all of our residents and employees in
the impacted areas are safe, and that we have not sustained any
substantial damage to our communities,” said Scott Schaeffer, Chairman
and CEO of IRT. “Our on-site teams were integral in preparing our
communities for this storm and we thank them for their support. We will
keep our stakeholders abreast of the status of our communities as we
assess any residual impact from the hurricane and update you in a timely
manner should the risk of cresting rivers cause any material damage.”

This press release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements can generally be identified by our use of
forward-looking terminology such as “may,” “will,” “expect,” “intend,”
“anticipate,” “estimate,” “believe,” “seek,” “outlook,” “assumption,”
“projected,” “strategy,” “guidance” or other, similar words. Because
such forward-looking statements involve significant risks, uncertainties
and contingencies, many of which are not within IRT’s control, actual
results may differ materially from the expectations, intentions,
beliefs, plans or predictions of the future expressed or implied by such
statements. These forward-looking statements are based upon the current
judgements and expectations of IRT’s management. Risks and uncertainties
that might cause IRT’s actual results to differ materially from those
expressed or implied by forward-looking statements include, but are not
limited to: adverse changes in national, regional and local economic
climates; changes in market demand for rental apartment homes and
pricing pressures from competitors that could limit our ability to lease
units or increase rents; competition that could adversely affect our
ability to acquire additional properties; volatility in capital and
credit markets, including changes that reduce availability, and increase
costs, of capital; unexpected changes in the assumptions underlying our
2018 EPS and CFFO guidance; delays in completing, and cost overruns
incurred in connection with, the value add initiatives and failure to
achieve projected rent increases on account of the initiatives; risks
associated with pursuit of strategic acquisitions, including risks
associated with the need to raise additional capital to fund the
acquisitions and failure of acquisitions to produce expected returns;
unexpected costs of REIT qualification compliance; costs and disruptions
as the result of a cybersecurity incident or other technology
disruption; and share price fluctuations. Additional risks and
uncertainties that could cause our actual results to differ materially
from those expressed or implied by the forward-looking statements in
this press release are discussed in IRT’s filings with the Securities
and Exchange Commission (“SEC”), including those under the heading “Risk
Factors” in IRT’s most recently filed Annual Report on Form 10-K.
Dividends are subject to the discretion of IRT’s Board of Directors, and
will depend on IRT’s financial condition, results of operations, capital
requirements, compliance with applicable laws and agreements and any
other factors deemed relevant by IRT’s Board. IRT undertakes no
obligation to update these forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as may be required by law.

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